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Just weeks ago, Bitcoin was riding high on optimism, with ETF inflows and bullish momentum pushing it toward record territory. But the mood has changed as institutional investors have begun pulling back, accelerating ETF outflows and on the way to making November one of its worst-performing months for crypto funds since their inception.
Risk Appetite Fades, Gold Reclaims Safe-Haven Status
The shift coincides with a broader deterioration in global risk appetite. Equity markets have turned volatile, and the Fear & Greed Index has plunged to 17, signaling “extreme fear.” Traders are no longer chasing yield. They are seeking shelter.
That shelter, increasingly, is gold. As Bitcoin falters, XAU/USD has rebounded from recent lows, buoyed by safe-haven demand and speculation around renewed quantitative easing in Europe and Asia. Central banks are treading cautiously, and geopolitical tensions, from Middle East instability to renewed U.S.–China trade friction, have added fuel to the fire.
In this environment, the appeal of Bitcoin as a risk asset has dimmed. The $100,000 level, once a symbol of bullish strength, now acts as a psychological barrier that sellers are defending aggressively.
Bitcoin Technical Analysis: Bearish Bias Below $100K
BTCUSD remains in a bearish structure, with former support at $98,900 now acting as resistance. The psychological barrier at $100,000 adds further downside pressure.
- Resistance Zone: $98,900 to $100,000. Sustained move above $100,000 would act as a breakout trigger.
- Support: $92,900, followed by $89,300 as deeper retracement zone
- Bearish Bias: Sell near $98,900, aiming $92,900 and $89,300. Use a stop-loss around $100,000.
- Bullish Setup: Long only if price breaks and holds above $100,000. Use tight stops below $98,900.
- Range Play: Trade between $92,900 and $98,900. Accumulate shorts near resistance, cover near support.
Headwinds Ahead for Bitcoin and Crypto
The break below its 2025 open is more than a technical event, but also a reflection of shifting investor psychology. With ETF outflows accelerating and gold reclaiming its safe-haven status, Bitcoin may continue to underperform in the near term. Unless macro conditions stabilise or crypto-specific catalysts emerge, the path of least resistance remains lower.
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